Law firms won’t totally pivot their international strategies based on the fluctuating value of currency. But the dollar’s increased strength may influence how U.S. law firms manage certain expenses, set billing rates and perhaps give them a boost when they’re trying to attract laterals around the globe, say law firm leaders and industry analysts.

The U.S. dollar has gained significantly against other world currencies this year and is close to level with the euro for the first time in roughly two decades, due to a mix of aggressive rate increases, comparably less exposure to the war in Ukraine, and the perception that it’s a safe bet for investors.